PORTLAND, Oregon, September 3, 2018 /PRNewswire/ --
The faster growth of oil-free air compressor market is attributed to the growing need for lowering operation cost by optimizing efficiency through elimination of lubrication in various processes.
Allied Market Research published a report, titled, Air Compressor Market by Type (Portable and Stationary), Technology (Reciprocating, Rotary, and Centrifugal), Lubrication Method (Oiled, and Oil-free), Power Rating (0-100 kW, 101-300 kW, 301-500 kW, and 501 kW & Above), and End-User Industry (Food & Beverage, Oil & Gas, Manufacturing, Power Generation, Medical, and Others) - Global Opportunity Analysis and Industry Forecast, 2014-2023. The report delivers an in-depth analysis as well as the current and future prospects of the air compressor services market by assessing the market size & share, market dynamics, market trends, market segments, top investment pockets, key growth strategies, and key player profiles. According to the report, the global air compressor market garnered $19.79 billion in 2016 and is expected to reach $26.85 billion by 2023, registering a CAGR of 4.47% from 2017 to 2023.
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Technological advancements in air compression techniques and rise in adoption of robust & energy efficient equipment are expected to boost the growth of the global air compressor market. However, the growth could be hampered by the high installation and maintenance cost of energy efficient equipment. Furthermore, increase in production activities from Asia-Pacific and Latin America, Middle East & Africa (LAMEA) are expected to offer lucrative opportunities for the growth of the global air compressor market.
Stationary segment to dominate through 2023
The stationary segment generated the highest market revenue in 2016, contributing more than half of the total market share. It is expected to maintain its dominance through 2023, growing at the fastest CAGR of 4.69% during the period, 2017-2023. The report also provides insights on the portable air compressors.
Rotary air compressors market to hold largest share
The rotary segment accounted for the highest market share in 2016. It is expected to maintain its dominance through 2023, contributing nearly half of the total market share. However, the centrifugal segment would grow at the fastest CAGR of 4.94% throughout the forecast period, 2017-2023. The report also includes a detailed analysis of reciprocating air compressors market.
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501 kW & above Segment to be growth heavy-weight through 2023
Among various power ratings of air compressors such as 0-100 kW, 101-300 kW, 301-500 kW, and 501 kW & above, the 101-300 kW segment generated contributed to one-third of the total market share in 2016. This segment is projected to lead the market through 2023. However, the 501 kW & above segment could be lucrative in future, as it expected to grow at 4.86% CAGR from 2017 to 2023.
Oil-free air compressor segment to further strengthen its position
The oil-free segment held the largest share in 2016. It would maintain its lead through 2023, contributing more than half of the total market share and will grow at a faster CAGR of 4.77% than its counterpart - oiled air compressors - during forecast period.
Asia-Pacific generates the largest revenue for the market
The report offers a country-level analysis of various regions including, North America, Europe, Asia-Pacific, and LAMEA. In 2016, the Asia-Pacific region generated the highest revenue and would maintain this trend through 2023, contributing $10.30 billion by 2023. However, LAMEA is projected to grow at the fastest CAGR of 5.25% from 2017 to 2023.
Competitive Landscape of the industry
The report profiles the leading players of the industry, which include Atlas Copco AB, Kobe Steel Ltd., Elgi Equipments Limited, Ingersoll-Rand PLC, Kirloskar Pneumatic Company Limited, Mitsubishi Heavy Industries Ltd., Suzler Ltd., Ebara Corporations, Porter Cable, and VMAC Global Technology Inc. These companies have adopted various strategies such as new product launches, mergers & acquisitions, partnerships, and collaborations to sustain their positions in the industry.
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SOURCE Allied Market Research